National Bank of Canada to Acquire Canadian Western Bank in $5 Billion Deal at $52.24 per Share

Jun 11, 2024, 08:58 PM

National Bank of Canada has announced its acquisition of Canadian Western Bank in a deal valued at approximately $5 billion. The transaction will be executed through a share exchange, valuing each Canadian Western Bank share at $52.24, which represents a 110% premium over the closing price of $24.89 on the TSX as of June 11, 2024. The acquisition is aimed at accelerating National Bank's domestic growth and will result in the rebranding of Canadian Western Bank as Canadian Bank of Canada.